- What do you own?
- This can include real estate, investments, cash, jewelry, guns, artwork, life insurance policies, the family business, and an almost unlimited list of other assets.
- How do you own these items?
- Joint Tenancy
- Tenants in Common
- Tenancy by the Entirety
- Marital Property
- Separate (non-marital property)
- Do you have minor children?
- If so, who would care for them in your absence?
- Do you feel comfortable with them (or any other beneficiary) receiving the full payout of inherited money when they turn 18?
- Who should get each of your assets in #1 above?
- What happens if a desired beneficiary
- is dependent on governmental need-based benefits and will be disqualified by an inheritance?
- has proven irresponsible with money and would not have the skills or sophistication to manage an inheritance?
- Is indebted and would loose any inheritance to debtors?
- Is a minor whose caregiver you would not trust with the assets?
- When should beneficiaries receive their inheritance?
- When they turn 18?
- 25?
- Graduate College?
- Get Married?
- Some other point in time?
- Do you anticipate relying on Medicaid at some point before your death?
- Who do you trust?
- to care for your minor children (see #3.1)
- To be responsible for distributing your assets according to your expressed wishes?
- To manage your assets should you become incapacitated before death (in the case of an RLT)
Feel free to add any additional thoughts in the comments!
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